In a deal spanning three continents, Waukesha, WI-based GE Medical Systems has signed a stock purchase agreement between Haifa, Israel-based Elbit Medical Imaging, its Netherlands-based subsidiary Elbit Ultrasound, and that company’s subsidiary, Tirat Carmel, Israel-based InSightec.
InSightec develops and manufactures real-time image guided and monitored high-intensity focused ultrasound systems performing soft tissue coagulation. Last month it received a Phase III Food and Drug Administration (FDA) investigational device exemption (IDE) approval for breast fibroadenoma and currently is performing FDA IDE-approved Phase II protocols in breast cancer and uterine fibroids at multiple sites, according to Dr. Kobi Vortman, company president and CEO.
GE will invest $10 million (U.S.) in InSightec in a combination of cash and equipment for 11.8% of InSightec's shares on a fully diluted basis. In addition, GE will be granted warrants for the purchase of an additional 5% of the shares of InSightec for $3 million, exercisable for a period of 3 years. The deal is subject to a number of conditions, including the obtaining of an approval by the Office of the Chief Scientist and the Investment Center of the Israel Ministry of Industry and Trade, according to Elbit Medical Imaging.
By AuntMinnie.com staff writers
December 27, 2001
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Epix, InSightec, Brigham and Women's team up, March 12, 2001
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